Bitcoin Accumulation Trend Score Turns Red as Investors Shift to Selling

On-chain data indicates a shift in market sentiment as all cohorts of Bitcoin investors have moved towards distribution. The Accumulation Trend Score for Bitcoin has turned red across all groups, signaling decreasing accumulation.

Key Points

The Accumulation Trend Score measures investor behavior based on wallet balance changes and wallet sizes.
In July, the score was above 0.5 for all groups, showing net accumulation; some cohorts approached a score of 1.
Recent market buying has weakened, with investors now distributing BTC, particularly the Fish group (10 to 100 BTC) leading sales.
This trend suggests broad sell-side pressure, similar to patterns seen before previous bearish periods.
A potential bearish phase may arise if BTC retests its Realized Price, currently at $110,800, which historically correlates with deeper corrections.

Current BTC Price

Bitcoin is trading around $109,900, reflecting a decline of over 5% in the last week.